Headline: Trump Unveils "Gold Card" for $5M, Offering New Route to U.S. Residency and Citizenship
Trump Introduces $5 Million "Gold Card" Visas: Insights into the New Affluent Immigration Route to Citizenship
In a surprising turn of events, President Donald Trump announced on Tuesday that his administration plans to introduce a "Gold Card" package for an estimated $5 million. This exclusive offering, meant for wealthy non-citizens, will provide them with the status of a green card holder in the U.S., granting permanent residency and work authorizations.
This announcement coincides with Trump's escalation of a mass deportation initiative, demonstrating a complex balancing act between enforcement and economic ingress.
Key Facts:
- The Gold Card will reportedly cost around $5 million, affording the same privileges as green card holders.
- Trump believes that wealthy non-citizens investing in the U.S. by spending, tax payments, and job creation will contribute positively to the country.
- The Gold Card launch is expected within the next two weeks, and Trump asserted that it does not necessitate congressional approval.
Rebalancing Immigration Policy
As the EB-5 program receives criticism for its imperfections, there's a possibility that the Gold Card may replace it. Commerce Secretary Howard Lutnick hinted at the changes, implying that the new program would avoid the pitfalls of its predecessor.
The EB-5 program allows immigrants to secure a green card if they invest in creating a business and hiring 10 permanent full-time U.S. employees. With at least 12,839 EB-5 visa holders in fiscal year 2024, the new initiative may prove popular among foreign investors looking for a major shift.
Revenue and Debt Reduction Goals
According to Trump, proceeds from the Gold Card sales will primarily go toward reducing the national debt. His administration aims to sell up to 1 million cards and generate trillions in revenue. However, this plan remains speculative at this stage.
Citizenship Rights and Green Card Privileges
Though residents with a Gold Card may not achieve full U.S. citizenship immediately, they can still benefit from important rights associated with green card holders, such as permanent residency.
Important rights they will lack include the right to vote, run for public office, and obtain a U.S. passport. Obtaining these citizenship rights typically requires maintaining lawful permanent residency for at least 5 years.
Easing Eligibility for Russian Oligarchs
Addressing the question of eligibility, Trump hinted that Russian oligarchs might be considered for the Gold Card program. However, Secretary Lutnick mentioned undergoing thorough vetting procedures to ensure applicants meet the necessary standards.
Background: Striving for Mass Deportations
As part of Trump's campaign promise, his administration has worked on ramping up deportations, arrests, and border security measures. Although the numbers have dropped slightly under the new administration, thedetermination to address illegal immigration remains a focus.
By addressing immigration policy in this manner, Trump aims to restore the principles of 21st-century border security and discourage the entry of undocumented migrants seeking "taxpayer-funded benefits."
[1] https://www.investintheusa.org/eb-5-visa-historical-usage-data/[2] https://www.usnews.com/news/top-news/articles/2021-10-05/immigrant-visa-program-eb-5-under-the-microscope[3] https://www.cnbc.com/2017/05/23/trump-administration-to-launch-new-visa-program-for-rich-foreign-investors.html[4] https://www.washingtonpost.com/politics/2018/04/17/eb-5-program-target-of-criticism-immigrant-investors-exploitation/
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- Wealthy non-citizens interested in obtaining U.S. residency and green card privileges may consider the new "Gold Card" offering, introduced by President Trump for an estimated $5 million.
- The "Gold Card" package, as announced by Trump, includes permanent residency and work authorizations, similar to those provided by a green card.
- The Gold Card launch, timed amidst Trump's mass deportation initiative, seeks to balance enforcement and economic ingress.
- The EB-5 program, which allows immigrants to secure a green card through business investments and job creations, might be replaced by the Gold Card, according to Commerce Secretary Howard Lutnick.
- The new Gold Card may prove attractive to foreign investors, with around 12,839 EB-5 visa holders in fiscal year 2024.
- Trump asserts that proceeds from Gold Card sales will primarily be used to reduce the national debt, aiming to sell up to 1 million cards and generate trillions in revenue.
- Potential Gold Card holders will enjoy substantial green card privileges, such as permanent residency, but won't have full citizenship rights, like the right to vote or obtain a U.S. passport, until maintaining residency for at least 5 years.